Bitcoin Wallets in Rare Accumulation Mode, Rally Ahead

Recent on-chain data from Glassnode reveals that Bitcoin accumulation has surged across all wallet sizes, from retail holders to whales, reaching levels last seen in December 2024. The price remains stable above $100,000, with strong buying activity indicating market confidence. Notably, wallets holding over 10,000 BTC are accumulating aggressively, while institutional investors like Metaplanet have made significant purchases. The Glassnode heatmap shows a clear shift from selling to accumulation, with red tones dominating. Despite a massive whale transfer of 80,000 BTC, the market remained stable, underscoring strong underlying demand. Analysts see this alignment across wallet cohorts as a bullish signal, with $120,000 as the next key resistance level to watch.

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Bitcoin’s Rise as Financial Infrastructure

Bitcoin is evolving from a speculative asset into a core component of financial infrastructure, driven by institutional adoption and financial innovation. Spot ETFs and Bitcoin-linked convertible bonds demonstrate its legitimacy, while Bitcoin-backed lending and structured products expand its utility as collateral. Companies like MicroStrategy and Metaplanet are leveraging Bitcoin for treasury diversification, mirroring historical hard-asset strategies. Regulatory frameworks like MiCA and compliant tokenized funds (e.g., BlackRock’s BUIDL) further validate Bitcoin’s role. Despite volatility and regulatory evolution, Bitcoin’s programmable nature positions it as a tool for yield generation, hedging, and liquidity—ushering in a new era of financial systems built on its infrastructure.

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ETH Treasuries Shift from Digital Gold to Yield-Generating Staking

Corporations are increasingly adopting Ethereum-focused treasury strategies, diverging from Bitcoin’s passive ‘digital gold’ approach. Firms like SharpLink, BitMine, Bit Digital, and GameSquare are actively staking ETH and deploying capital in DeFi for yield, funded primarily through equity rather than debt. This model enhances network security, supports Ethereum’s infrastructure, and offers potential income-based upside despite risks like dilution and price volatility. SharpLink recently became the largest corporate ETH holder, while BitMine and Bit Digital expanded their Ethereum treasuries through equity raises. This trend signals a more engaged and capital-efficient approach to corporate crypto holdings.

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Bitcoin Whale Moves $180M to Binance Amid Market Consolidation

Bitcoin is currently trading between $115,000 and $123,000, consolidating after reaching a new all-time high. A dormant Satoshi-era whale recently transferred 80,000 BTC to Galaxy Digital, with 1,500 BTC ($180M) moved to Binance, raising concerns about potential selling pressure. Analysts are monitoring the situation closely, as such large transfers often precede increased volatility. While some see this as a warning sign of profit-taking, others view it as a strategic move by a long-term holder. Bitcoin’s price remains above key moving averages, suggesting bullish sentiment, but lower follow-through volume indicates a consolidation phase. A break below $115,730 could trigger a deeper retracement, while holding this level may lead to another breakout toward $130,000.

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Bitcoin May See Slow Melt-Up by July End: Galaxy Digital

Michael Harvey, head of franchise trading at Galaxy Digital, suggests Bitcoin could undergo a ‘continued slow melt-up’ by the end of July. While consolidation is likely after its recent surge to record highs, another upward move isn’t ruled out. Harvey expects BTC to trend higher into year-end but acknowledges a pause for consolidation would be realistic given the strong rally.

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Bitcoin Whale Moves $9.6B to Galaxy Digital

A long-term Bitcoin holder, often referred to as a ‘whale,’ has moved 80,201 BTC—worth approximately $9.6 billion—to Galaxy Digital in recent days. The transfers, first spotted by blockchain data service Onchain Lens, include two major transactions of 40,192 BTC ($4.77B) and 40,009 BTC. Additionally, at least 6,000 BTC were sent to exchanges Binance and Bybit, as reported by Nansen. Kadan Stadelmann of Komodo Platform speculates this could be profit-taking after 14 years of holding. The move highlights the influence of large holders in the crypto market.

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Satoshi-Era Bitcoin Whale Moves $4.77B to New Wallet

A long-dormant Bitcoin whale, holding coins mined in 2011, has made significant moves this week, transferring over 80,000 BTC in total. Blockchain analytics firm Lookonchain reported that the whale shifted 40,192 BTC ($4.77B) to a new wallet, following an earlier transfer of 40,009 BTC to Galaxy Digital. Nansen data reveals that Galaxy Digital then sent 6,000 BTC to exchanges Binance and Bybit, fueling speculation of an impending sale. The whale’s wallets had been inactive for over a decade before these transactions, marking one of the largest movements of Satoshi-era Bitcoin in recent history.

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House Reconsiders Crypto Package with GENIUS, CLARITY Acts

On July 16, the House passed a motion to reconsider a bundled crypto package comprising the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance Act in a narrow 215-211 vote. While the procedural approval doesn’t send the package directly to the President, it allows House and Senate leaders to advance the measures individually or as part of another legislative vehicle. The move follows a setback on July 15 when House members rejected a rule combining the crypto bills with the annual defense appropriation, despite former President Trump’s endorsement. Libertarian-leaning lawmakers, including Rep. Chip Roy, pushed for standalone debates, emphasizing opposition to a U.S. CBDC. Analysts, including Galaxy Digital’s Alex Thorn, anticipate further legislative steps to convert the package into enactable law.

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14-Year-Old Bitcoin Wallet Moves $2.4B, Sparks Market Fears

A Bitcoin wallet inactive for over 14 years has transferred 20,000 BTC ($2.4B) and moved an additional 40,009 BTC ($4.68B) to Galaxy Digital, raising concerns of a market downturn. The transactions mirror the 2024 Mt. Gox sell-off, which preceded a 31% BTC price crash. While the scale is massive, analysts note key differences: the sell-off is being managed professionally, and current institutional demand may absorb the supply more smoothly. Bitcoin, which recently hit an all-time high of $123,000, has dipped 4% amid the news. The market remains cautious but hopeful that the impact will be less severe than past events.

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Thiel’s Founders Fund Buys 9.1% Stake in BitMine

Peter Thiel-linked entities have purchased a 9.1% stake in BitMine Immersion Technologies, according to an SEC filing. The investment follows BitMine’s June private placement, which included participation from Pantera Capital, Galaxy Digital, and Kraken. BitMine, led by Fundstrat’s Tom Lee, has been expanding its Ethereum reserves, contributing to extreme stock volatility, with prices swinging between $4.26 and $135. Ethereum treasuries are gaining traction among corporations, as seen with SharpLink Gaming’s $225 million acquisition. While Bitcoin remains dominant, Ethereum’s utility in staking, gas, and collateral is attracting institutional interest. Thiel’s historical ties to Ethereum, including a 2014 grant to Vitalik Buterin, add context to this strategic shift.

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